BUFFALO, N.Y., Nov. 12, 2019 /PRNewswire/ --ACV Auctions Inc., the leading dealer-to-dealer, online automotive marketplace, today announced it secured $150 million in Series E funding. The investment was led by Wellington Management Company and Fidelity Management & Research Co. and included existing investors such as Bain Capital Ventures, Bessemer Venture Partners and Tribeca Venture Partners. The company is committed to being the most trusted way for dealers to buy and sell used vehicles.
"This round of funding enables us to continue significant investments in our mission to be the most trusted and transparent way for dealers to buy and sell used vehicles," said ACV Auctions CEO George Chamoun. "Over the past four years, we have listened to what dealers need to fulfill their objectives and our marketplace addresses key areas in the overall customer experience, such as delivering consumer live appraisals, offering instant liquidity of wholesale inventory, providing a trusted source to purchase inventory and transporting vehicles quickly."
The new capital will fuel ACV Auctions' investment in technology and data-driven solutions that will help dealerships source and sell used vehicles. The ACV Vehicle Condition Inspection and Report has become the gold-standard for the automotive industry. Patent-pending products include Virtual Lift™, an imaging tool that captures the undercarriage of vehicles, solving an industry blindspot; and Audio Motor Profile (AMP), a tool that captures a clear audio clip of the vehicle's running engine to expose its true condition. Additional features requested by customers, and recently launched, include Advanced Filters and Run List, giving dealers the ability to better search for and evaluate in advance vehicles that best fit their needs."
The new capital will also be used to expand the company's footprint across North America and grow the ACV Auctions' team, which currently stands at 1,000-plus employees. ACV Auctions now offers services in 140 Territories across the country and has over 400 full-time Vehicle Condition Inspectors. Vehicles listed on ACV Auctions are accompanied by comprehensive reports to provide unparalleled insight into each vehicle's condition. Each condition report is written by an ACV Auctions-trained inspector using patent-pending, proprietary tools to deliver an objective yet thorough view of the vehicle. The ACV Auctions marketplace delivers the most robust and reliable reports of each vehicle, going above and beyond paint meter readings and fluid levels.
About ACV Auctions ACV is an online, wholesale vehicle marketplace that provides franchise and used-car dealerships a more effective and transparent way of buying and selling wholesale vehicles through 20-minute auctions. Its technology modernizes the entire arc of auction operations, providing third-party inspections, account management, title, and payment processing, arbitration management and transportation. The company strives to be the most trusted source in the industry for dealers to buy and sell wholesale vehicles. To learn more, visit www.acvauctions.com.